Indian rupee leads Asia forex gains against dollar

The rupee led gains among emerging Asian currencies on Monday as investors cut bearish bets on regional units, with the dollar softer amid uncertainty over how long the US Federal Reserve will keep up its policy stimulus.

Reuters| Updated: Nov 18, 2013, 15:11 PM IST

Singapore: The rupee led gains among emerging Asian currencies on Monday as investors cut bearish bets on regional units, with the dollar softer amid uncertainty over how long the US Federal Reserve will keep up its policy stimulus.

The rupee rose nearly 1 percent on demand from foreign banks.

The won strengthened to 1,057.8 per dollar in the local trade, its strongest since October 24. Against the yen, the won touched 10.5603, its highest since September 2008.

Exporters` bids led offshore and onshore investors to cover short positions to stop losses in the South Korean currency. The positions had been built up on caution over possible intervention, traders said.

The Malaysian ringgit gained as the economy picked up pace in the third quarter on resilient domestic demand and a recovery in exports.

The ringgit found more support from demand by oil exporters demand and stop-loss dollar selling.

The Indonesian rupiah, however, eased on month-end dollar demand from local corporates. The rupiah is the worst performing Asian currency this year.